Bitcoin's Break Down After Stability - Update

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a follow up on the last published chart here on Trading View. Other than the unexpected Ascending Triangle panic fall due to the Evolution Scam/Theft, the daily chart has been surprisingly textbook perfect. Yes, I took a big hit on going long at $300 looking for $330 but the long term bearish trend would not have changed even at $330 where I was planning on shorting heavily.

The red down arrow that is playing out in the price has been there for a week now and has not been changed. See tweet here:
"Staying patient with the #bitcoin shorts, environment still bearish , big resistance here at $255-260 $BTCUSD"
and the follow up tweet here:
"Patience is starting to pay off on shorts, watch the 50d SMA & RSI , looking for $200 by end of month $BTCUSD #bitcoin"

The small head-fake out of the base hit the 50-day moving average and that was it. (Yes it's a little off due to trading view missing an important downward candle around April 23rd). This once again shows the importance of this daily average.

We are sitting right on the age now. New lows were made but we need to close under $230 for some real downside to set in. On the Hourly charts $223 had been critical in the past but I do not expect it to hold this time. There is plenty of room on the momentum indicators so $200 is a real possibility by end of month before things start looking oversold.

Long term view for Bitcoin is definitely positive but for now the charts are saying down. Have to call em like I see em.

Good luck traders.

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Tone Vays - Content Creator & Derivatives Trader
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Great chart, love getting your updates.
+1 Reply
Thanks Ditz, took a hit on my triangle (which i'm clearly in love with) about a month ago, but that's trading. I hate calling for lower prices cause i'm starting to get followers so don't ever want to be the cause of a move, but this one is pretty straight forward.
+1 Reply
ditz ToneVays
Agreed would much rather the dominant trend be bullish, given whats at stake and represented by bitcoin. On the bright side the current bearish dominance is actually quite slight, albeit persistent. Nothing a modest upturn in adoption can't change dramatically.
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